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The top countries leading the Blockchain adoption come with increased use of blockchain technology
Blockchain technology has been steadily gaining momentum in recent years, with more companies and industries recognizing the potential of this decentralized ledger technology. Investing in the development of this technology is to support solutions to various social and economic problems. The increased use of blockchain made some countries lead blockchain adoption.
Blockchain technology is rising as a transformative technology that could change the way various industries operate. The potential application of blockchain is vast from finance and healthcare to supply chain management and voting. Countries lead blockchain adoption for various reasons including transforming different sectors of the economy, promoting innovation, and creating an environment to attract blockchain businesses. These are communities that use and develop blockchain technology and the different types of blockchain communities include Developer communities, Industry communities, User communities, and social impact communities. Here we discuss the top 5 countries leading the blockchain adoption:
1. El Salvador
El Salvador is the first country to adopt Bitcoin as legal tender, becoming a pioneer in blockchain adoption. The government in El Salvador announce plans to build blockchain infrastructure to support financial services.
2. Portugal
Portugal has a blockchain ecosystem with many startups, research centers, and government initiatives. To track the country’s public procurement process, the government launched a blockchain-based system to reduce corruption and increase transparency.
3. Singapore
Singapore promotes blockchain through government agencies emerging as a leading blockchain innovation and adoption hub. The favorable regulatory climate made Singapore, a hotspot for initial coin offerings with blockchain businesses incorporating there. One blockchain-based projects include Project Ubin.
4. Malta
The Maltese government, the global leader in blockchain adoption, created a regulatory framework for blockchain and digital currencies to regulate ICOs, digital assets, digital currencies, and related services that provide legal clarity and certainty.
5. United Arab Emirates (UAE)
UAE being at the forefront of blockchain adoption, the government launched the Emirates Blockchain Strategy to become a smart region with government services and private businesses powered by blockchain for more efficiency.